Developing a market entry strategy is critical to any product. What might seem like an overnight success is a result of months and years of planning and hard work. But even the most prepared product managers face challenges when entering a new market.
Glancing at the App Store on any phone will reveal that most installed apps have had updates released within the last week. Software products today are shipped in iterations to validate assumptions and hypotheses about what makes the product experience better for users.
Agile has taken the world of software development by storm and has now started to creep into the hardware space. However, less flexibility, more certification requirements, longer development times, and other challenges require a managed agility approach to being successful in managing hardware products.
Many product managers will struggle to identify what makes an amazing product or service. The realities of running a successful business depend on the bottom-line financials. Product managers need to define and explain value in monetary terms to drive rapid adoption.
Product management can induce stressful sleepless nights. Early investments in sales enablement will provide a payback in having a strong, motivated, engaged and supportive team driving product success.
For product managers, KPIs are a powerful tool. They quantify team progress, the progress of the product, and the overall business. Product manager KPIs include specific metrics associated with the product, customers, and the overall process in bringing a product to market.